Recruiter/Manager, Cole Insurance Investments, Charlotte N.C.
As any investment buy and hold in most cases is the best advice I could give for several reasons. And yes this policy is an investment because of the indexed savings and no risk of loosing your principle. The compound interest gives me an high interest in this policy for my family, clients and associates it is part of my portfolio at least the next 15 years and should be in yours also.
If you are considering buying Universal Life, you can use it for final expense needs, estate transfer, buy-sell agreements, charitable contributions, retirement income (IUL), and many other purposes.
If you already have a Universal Life policy and are wondering whether you should keep it, that depends on how the policy is doing. Many people lost their UL policies in the past decade when interest rates dropped. But if you still have one purchased in the 80's or 90's, chances are that you have made adjustments that will last. Consult with an ethical life insurance professional who can study your UL's performance and help you decide whether or not to keep it.
That is a great question! And an interesting one. I guess the answer depends upon how long you've had the policy, and how well you've kept track of it; or whether it is a good policy to get at all, if I'm reading into your question rightly. Here's what I advise people. A UL policy can be a good thing if you are somebody that keeps an eye on everything, and has extra money lying around. You also have to have a healthy risk tolerance. Agents will rightly tell you that this type of policy can bring great returns, but press them hard, and make them tell you exactly what stars and moons need to align for that to happen. What is the actual performance of the policy over time, not the best case scenario printed in the sales brochure? How much over the minimum payment is required to achieve that performance? That's what you need to know if you are thinking of purchasing one. If you already have one, are you paying attention to how well it is still funded? You could be in for a surprise if you haven't. Call your agent, and get an idea of how it's doing for you, and how long you can expect it to be in force. Functionally, you can use the proceeds for everything that you would any other whole life insurance policy. I hope that helps, thanks for asking!
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If you already have a Universal Life policy and are wondering whether you should keep it, that depends on how the policy is doing. Many people lost their UL policies in the past decade when interest rates dropped. But if you still have one purchased in the 80's or 90's, chances are that you have made adjustments that will last. Consult with an ethical life insurance professional who can study your UL's performance and help you decide whether or not to keep it.